A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge fromits accountant for assistance in filing its charter with the state. The entry to record this transaction willinclude: Multiple Choice A $2,600 debit to Common Stock. A $2,600 credit to Cash. A $900 debit toOrganization Expenses. A $1,700 credit to Paid - in Capital in Excess of Par Value, Common Stock. A $2,600 credit to Common Stock.

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Description: A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge fromits accountant for assistance in filing its charter with the state. The entry to record this transaction willinclude: Multiple Choice A $2,600 debit t

A journal entry is a basic accounting record that is used to chronologically track financial…

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A corporation issued 180 shares of its $5 par value common stock in payment of its accountant for assistance in filing its charter with the state. The entry to recor include: Multiple Choice A $2,600 debit to Common Stock. A $2,600 credit to Ca

A corporation issued 180 shares of its $5 par value common stock in payment of its accountant for assistance in filing its charter with the state. The entry to recor include: Multiple Choice A $2,600 debit to Common Stock. A $2,600 credit to Ca

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7Q: A corporation issues 6,000 shares of $1 par value stock for a parcel of land valued at $12,000....

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge from
its accountant for assistance in filing its charter with the state. The entry to record this transaction will
include: Multiple Choice A $2,600 debit to Common Stock. A $2,600 credit to Cash. A $900 debit to
Organization Expenses. A $1,700 credit to Paid - in Capital in Excess of Par Value, Common Stock. A $
2,600 credit to Common Stock.

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